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Do you know what FOMO is? If you're an entrepreneur, it's time to
learn.

FOMO stands for "fear of missing out." You probably know the
feeling – especially if you're a millennial.

According to a new study by Eventbrite, 69 percent of millennials
experience FOMO when they can't attend something that their
family or friends are going to. "For millennials, FOMO is not
just a cultural phenomenon, it's an epidemic," the report
reads.

While it sounds like an infectious disease, FOMO has helped
create a booming industry focused on live events. Three out of
four millennials would rather spend money on experiences, like
concerts, festivals, sports or parties, instead of buying
tangible products.

Why do millennials favor experiences over physical purchases? One
part of the puzzle is that millennials see shared experiences as
key to bonding: 79 percent feel that going to live events with
others helps deepen their relationships and 69 percent believe
that attending events makes them feel more connected to other
people. Plus, the rise of social media fuels FOMO and feelings of
exclusion for millennials scrolling through posts on Facebook,
Twitter and Instagram about events they missed.

Entrepreneurs have been cashing in on millennials' love for live
experiences by inventing new venues where teens and
twenty-somethings can take Instagram shots that make all their
friends jealous. Three of the fastest growing categories in terms
of Eventbrite ticket sales are concerts and music festivals, beer
and food festivals, and color, costume and themed runs.

There's still time for entrepreneurs to craft their own
FOMO-inducing events, as millennials don't look like they'll be
reining in on their experience-based spending any time soon.
Seventy-two percent of millennials say they would like to
increase their spending on experiences rather than physical
things in the next year.